Internet currency and a system and method for online internet currency transactions

Abstract

The various embodiments herein provide a system and a method for online internet currency transactions. The system and method includes a Central Internet Bank (CIB) created at World Wide Web (WWW) level. A network is provided in electronic communication with the CIB. A plurality of account holding entities are registered with the CIB. A plurality of online service providers is associated with each account holding entity. An Internet Credit Rating Agency (ICRA) is associated with the account holding entities. The CIB issues and holds Binary Credit Bits (BCB) of the account holding entities and authenticates online transactions between at least two account holding entities in real time and authenticates online transactions between at least one account holding entity and at least one online service provider in real time.

1 . A system for online internet currency transactions, the system comprising:
 a Central Internet Bank (CIB) at World Wide Web (WWW) level;   a network in electronic communication with the CIB;   a plurality of account holding entities registered with the CIB;   a plurality of online service providers associated with each account holding entity in the plurality of the account holding entities; and   an Internet Credit Rating Agency (ICRA) associated with the plurality of the account holding entities;   Wherein the CIB issues Binary Credit Bits (BCB) to the plurality of account holding entities for making a payment for a data transaction executed between two of the plurality of account holding entities or between one of the plurality of the account holding entities and a service provider and wherein the CIB repurchases the BCB issued to any one of the plurality of the account holding entities and wherein the CIB holds Binary Credit Bits (BCB) of the plurality of the account holding entities to authenticate online transactions between at least two of the plurality of the account holding entities in real time and to authenticate online transactions between at least one of the plurality of the account holding entities and at least one of the online service provider in real time.   
     
     
         2 . The system of  claim 1 , wherein the network includes a Local Area Network (LAN), a Wireless Local Area Network (WLAN), a Wide Area Network (WAN), internet, a Small Area Network (SAN) and a Bluetooth. 
     
     
         3 . The system of  claim 1 , wherein the CIB stores a data or vital information associated with the plurality of account holding entities in a standardized format. 
     
     
         4 . The system of  claim 1 , wherein the ICRA evaluates and provides a credit rating to the plurality of account entities based on a size of the data stored by the plurality of account holding entities in the CIB. 
     
     
         5 . The system of  claim 1 , further comprises a plurality of Associate Central Internet Bank (ACIB) branches affiliated to the CIB and wherein the plurality of Associate Central Internet Bank (ACIB) branches are positioned respectively in a plurality of individual countries. 
     
     
         6 . A method for online internet currency transactions, the method comprising:
 creating an Central Internet Bank (CIB) at World Wide Web (WWW) level;   registering a plurality of account holding entities to the CIB;   creating a CIB account for each of the plurality of account holding entities;   providing an Unique Human Interface Identity (UHII) number to each of plurality of account holding entities by the CIB; and   issuing Binary Credit Bits (BCB) to each of the plurality of the account holding entities on payment;   wherein the BCB issued to the plurality of the account holding entities is used to make payment for a data transaction executed between two of the plurality of account holding entities or between one of the plurality of the account holding entities and one online service provider.   
     
     
         7 . The method of  claim 6 , further comprises holding the BCB associated with each of the plurality of the account holding entities in the CIB. 
     
     
         8 . The method of  claim 6 , further comprises creating a capital market by the CIB with an authority to issue the BCB to each of the plurality of the account holding entities. 
     
     
         9 . The method of  claim 6 , further comprises authenticating the BCB by the CIB during online transactions between at least two of the plurality of the account holding entities in real time. 
     
     
         10 . The method of  claim 6 , further comprises authenticating the BCBs by the CIB during online transactions between at least one of the plurality of the account holding entities and one online service providers in real time. 
     
     
         11 . The method of  claim 6 , wherein the BCB is one of a currency and a promissory note associated with each of the account holding entities for providing online transactions between at least two of the plurality of the account holding entities in real time and between at least one of the plurality of the account holding entities and one online service providers in real time. 
     
     
         12 . The method of  claim 6 , wherein creating of the CIB account comprises identifying plurality of selected account holding entities, pledging an amount in fixed deposit in terms of BCBs in the CIB by the plurality of the account holding entities, providing internet highway patrol to the plurality of the account holding entities and accessing vital information associated with each of the plurality of the account holding entities. 
     
     
         13 . The method of  claim 6 , wherein providing the UHII number comprises storing vital information associated with each of the plurality of the account holding entities in the CIB, securing the vital information by the CIB during online operations carried out by each of the plurality of the account holding entities, paying service charges in terms of BCBs by each of the plurality of the account holding entities for additional storage of the vital information associated with each of the plurality of the account holding entities and providing access to the vital information associated with one of the plurality of the account holding entities to another one of the plurality of the account holding entities. 
     
     
         14 . The method of  claim 6 , wherein providing access to the vital information further comprises requesting the CIB for vital information associated with a third party account holding entity by one of the plurality of the account holding entities, reporting the vital information associated with the third party account holding entities to the requested one of the plurality of the account holding entities, and collecting service charges in terms of the BCBs by the CIB for reporting the vital information associated with the third party account holding entities to the requested one of the plurality of the account holding entities. 
     
     
         15 . The method of  claim 6 , further comprises awarding each of the plurality of the account holding entities with loyalty programs to be used within an specified duration of time for using plurality of e-communities. 
     
     
         16 . The method of  claim 6 , further comprises charging plurality of the e-communities by the CIB in terms of BCB units based on data packets downloaded in respective regions through a plurality of broadband services. 
     
     
         17 . The method of  claim 6 , further comprises charging data tax by owner of a website in one country to one of the plurality of the account holding entities in another country based on number of recipients of the plurality of the account holding entities and size of data transacted by the plurality of the account holding entities. 
     
     
         18 . The method of  claim 6 , further comprises purchasing of flagged data packets by the plurality of the account holding entities, issuing the flagged data packets to the plurality of the account holding entities by the CIB and transacting vital information by the plurality of the account holding entities over a prioritized internet highway patrol. 
     
     
         19 . The method of  claim 6 , further comprises creating a data bond by the CIB, issuing the data bond to a plurality of investors and shareholders associated with the CIB, and injecting a capital into the CIB by the plurality of investors and shareholders. 
     
     
         20 . The method of  claim 6 , further comprises recording vital information from the plurality of the account holding entities and creating an interface by the CIB for saving the recorded vital information directly into the UHII account number associated with each of the plurality of the account holding entities.